1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Since 2021, the logic of the "asset shortage" in the bond market is not applicable this year. Instead, the bond market presents a "liability shortage." The liability gap and structure are the main lines of bond market trading this year [2][5][12]. - The bond market is unlikely to rise trend - wise. Only continuous negative carry can drive the trend - wise correction of long - term interest rates. The probability of a tightening of capital prices in the second quarter is not high, and the market interest rate is expected to fluctuate in the range of 1.5% - 1.6% [2][8][22]. - The bond market has no obvious odds recently. A 10bp positive carry can boost the inter - bank bond market leverage ratio by about 0.1 - 0.2 percentage points. The current positive carry amplitude is insufficient, restricting the market's enthusiasm for leveraging [2][8][30]. - It is recommended to allocate when the 10 - year Treasury bond yield is above 1.65% and the 30 - year Treasury bond yield is above 1.9%. Institutions with stable liabilities can appropriately focus on the coupon opportunities of credit bonds with a term of more than 3 years [2][8][34]. 3. Summary by Related Catalogs 3.1 From "Asset Shortage" to "Liability Shortage", Bond Market Volatility - Before 2024, the "asset shortage" was the main line of the bond market. Due to the downward pressure on the real estate industry and the establishment of the regulatory red line for local implicit debt, credit expansion was constrained. Since this year, with the adjustment of the social financing structure and the relative stability of credit, the "asset shortage" is no longer the main contradiction. The supply of government bonds has increased, and the social financing growth rate has rebounded to 8.7% in April [5][12]. - While the asset supply has increased, the bond market faces a "liability shortage." The central bank's attitude is not the only source of liability pressure. Currently, the market style is more trading - oriented, lacking stable - liability configuration forces. Insurance's premium income growth has declined significantly this year, and its trading attribute has increased; wealth management is undergoing rectification, reducing the allocation of less - liquid credit bonds; public funds have a strong wait - and - see sentiment [8][19]. 3.2 Difficulty in Trend - wise Market, Focus on Curve Trading Opportunities - The bond market is difficult to rise trend - wise. In a relatively stable fundamental situation, only continuous negative carry can drive the trend - wise correction of long - term interest rates. The current fundamental situation is relatively stable, but the real interest rate is high, and there is still uncertainty in the fundamental recovery. The probability of a tightening of capital prices in the second quarter is not high [8][22]. - The bond market has no obvious odds recently. Although the bond market has returned to the positive carry range, the amplitude is insufficient, restricting the market's enthusiasm for leveraging. A 10bp increase in carry can increase the inter - bank bond market leverage ratio by 0.14 and 0.21 percentage points respectively. Since May, the average monthly inter - bank bond market leverage ratio has increased by about 0.2 percentage points compared with April [8][30]. - Before the bond market shows sufficient odds, it is difficult to have a trend - wise market. It is expected that the 10 - year Treasury bond yield will fluctuate around 1.6% - 1.7%. It is recommended to capture trading opportunities along the yield curve. Institutions with stable liabilities can focus on the coupon opportunities of credit bonds with a term of more than 3 years [8][34].

[Table_IndNameRptType]2 固定收益 固收周报 半数固收卖方看多债市 ——债市情绪面周报（4 月第 4 周） 报告日期： 2025-04-28 [Table_Author] 首席分析师：颜子琦 执业证书号：S0010522030002 电话：13127532070 邮箱：yanzq@hazq.com [Table_Author] 研究助理：洪子彦 执业证书号：S0010123060036 电话：15851599909 邮箱：hongziyan@hazq.com 主要观点： ⚫[Table_Summary] 华安观点：持券待涨，关注 30Y 利差压缩机会 近期利率持续横盘，投资者普遍看多债市但也谨慎追多。市场即将迎来 4 月经济基本面的确认，关税反复难空债市，持券过节或是较优策略，进入 5 月 后财政供给高峰与宽货币对冲，缴税小月+央行边际转松的态度可能使得资金 利率中枢出现下移，此前负 Carry 现象已经有所缓解。此外也可以适当把握 30Y-10Y 利差走扩的机会，拉长久期，静待利率出现下行机会。 ⚫ 卖方观点：维持乐观，待货币政策落地、基本面验证打开下行空间 截至 4 月 28 日，本 ...